Aussie auto parts dealer Bapcor slips on Citi, Jefferies' PT cut

Bapcor

18/10/2023 01:01

(Updates with Jefferies' comments and share movements)
    ** Analysts at Citi lower price target on Australia's Bapcor
 BAP.AX  to A$6.40 from A$7   
    ** Bapcor shares fall 3.6% to A$5.7
    ** Brokerage Jefferies lowers price target to A$7.5/share
from A$7.85/share
        ** Jefferies cuts FY24 to FY26 outlook revenue by 2% 
        ** Revenue, margin, EPS impacts diminish beyond FY24 as
we assume market conditions improve in FY25 and beyond -
Jefferies
        ** Jefferies retains "buy" rating on BAP
    ** Citi remains "neutral" rated on the auto-parts provider
    ** Citi cuts FY24 to FY26 EPS estimates by 2% to 6%,
reflecting weaker-than-expected trading update 
    ** Co fell around 11% on Tuesday after its YTD pro-forma net
profit after tax (NPAT) at end of September fell behind
expectations
    ** BAP stock down 8.5% this year as of last close

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))